In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs for a number of years.
According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.
“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.
The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.
ASIC deputy chairman Peter Kell said ANZ has taken its breach reporting obligations seriously in this matter.
“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” he said.